Blockchain technology for decentralized data storage on P2P network

Abstract

Blockchain is a rapidly growing concept that can be used to store a burgeoning list of records in blocks. There is an inundation of data daily where storage becomes a cardinal problem. To maintain the list of records and by not compromising on storage space, blockchain can be adopted by storing data on a peer-to-peer network. Unutilized storage from another peer can be used to store data. Data stored on another device will be subjected to high security by encryption to abstract data from device owner. This paper uses the concept of blockchain to realize the potential of the decentralized Internet. Blockchain makes transaction logs transparent and leaves no room for malpractices. Data distribution over millions of devices will resolve problems such as bandwidth stealing and throttling; additionally, it will lower the latency of data retrieved as the peer will be in proximity to the user. Using blockchain P2P system, it opens a whole new world of possibilities for a new Internet.